Heathpark House is an impressive detached period country house situated on the outskirts of Blairgowrie, near the Cairngorms National Park, in Scotland.
The new to trade B&B owners
In the past it had been traded quietly as a B&B, with the owner trading just three of the six available bedrooms. Our clients, Chris & Meagan, saw the potential in the property and the business going forward and decided that this was the one for them.
There were some challenges with the purchase. Because previous trading had been at a lower level to what was now planned, the property had not been registered for business and the property had also not been traded for some months. This meant the deal had to be based on projections and a convincing business case.
Stewart Hindley B&B financing
At Stewart Hindley, we are experienced in projection-led deals and understand the lenders’ criteria. We produced a professional loan proposal and realistic projections and adjusted trading accounts, based on our industry knowledge and the local trade around Blairgowrie.
While we were producing the loan proposal and submitting these to our lenders, Chris had to speak to the local council and arrange for a change of use going forward. We supported Chris and Meagan throughout the process and kept both the sales agent, the vendor and our clients updated throughout the progress.
Despite the obvious challenges in raising a commercial mortgage for “new to trade” operators such as Chris & Megan, we were able to secure the maximum loan to value given our clients’ and the property’s circumstances, and the deal progressed to completion without any hold-ups.
A good result all round!
If you are looking for accommodation in the Highlands, why not visit Chris & Meagan at Heathpark House, where you will be assured a warm welcome and comfortable stay?
What Chris & Meagan say about Stewart Hindley…
“Quite simply, this just would not have happened for us without Stewart Hindley & Partners.
Getting a loan was not straightforward for us. While we have some significant experience in customer service and marketing, neither of us had any direct experience in the hotel and accommodation business. Pitching our transferable skills, and even more importantly the potential in our proposal for a business, was key to the success with lenders’, and Stewart Hindley did this quickly and without any fuss.
Speed is clearly important when you’re buying a property. And perhaps the ‘fuss’ aspect sounds flippant, but knowing someone was genuinely working hard to represent us, after having had some bad experiences along the way, was real breath of fresh air and an incredible relief.
We cannot recommend Stewart Hindley any more highly, if we’re being honest. It was like having a good friend looking out for us – one who answers the phone, gives you the advice you want and need, and then knows how to sort things out. It’s the best investment we ever made.”